Posts Tagged ‘seniors’
Sunday, July 25th, 2010
The old saying goes that nothing is certain but death and taxes. Most people find both of these to be quite unpleasant and avoid the mere mention of them. When it comes to discussing the inevitability of one’s own death, many find it quite difficult to talk about. If you can get past the uncomfortableness of the topic, you can begin to anticipate and plan for areas in which you may ease the burden of your passing on your family.
Of all of life’s challenges, one of the most difficult can be dealing with the loss of loved one. The feelings of heartbreak, sadness, and hopelessness are difficult to deal with for most people. These reactions are both common and understandable.
As you approach a period in life in which your own mortality seems less certain, thoughts of life after you passing are sure to occur. You’ll wonder whether or not your family is properly cared for, whether they have sufficient funds to maintain the lifestyle you created for them, and whether they have the resources they need to care for everything associated with your passing.
One of the easiest ways that you can lessen the strain they feel upon your death is to prearrange many of the details of your funeral and burial processions. Although this can be done in a number of ways, one of the simplest is with burial insurance.
Many people do not realize the significant cost of funeral services. Not only are you paying for the items that you would expect such as the casket and burial plot, but there are a number of unanticipated expenses as well. The cost of the funeral can easily range upwards of $10,000. Using burial insurance is one way in which you can help to cover these financial details and provide a least a little comfort once you are gone.
When most people are hit with this price tag, it automatically adds another level of anxiety and stress to an already difficult experience. The price of death is sudden and can leave your loved ones scrambling for the funds at the last minute.
Burial insurance is designed to cover the costs of the funeral and can be established to either pay the death benefit to a beneficiary or directly to the funeral director. When the funeral director receives the funds, he is able to arrange the rest of the funeral.
Burial insurance is intended to cover all of the costs of the funeral and burial, and covers such things as the casket, memorial service, viewings, plots, vaults, etc? Implementing a policy of this sort allows your family members to focus on their grief and takes away the stress of arranging the details of your passing.
Before you take commit to burial insurance, make sure to visit Owen Matthews online at the Life and Health Guru. The staff is focused on providing good, unbiased insurance information and cover topics ranging from general life insurance to guaranteed issue term life insurance.
Tags: affordable life insurance, burial insurance, business, Final Expense Insurance, finance, Funeral insurance, funerals, Guaranteed life insurance, insurance, life insurance, Money, people, personal finance, retirement, seniors
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Sunday, March 14th, 2010
Can a person in their middle years or senior years still buy life insurance? If you are over 50, or if you are caring for an older person, you can find a wide choice of products. Since statistics show that Americans are living longer and healthier lives, insurers are willing to extend affordable coverage to older people. Most middle aged and older people can still find life insurance policies.
Why are baby boomers and seniors looking for policies? At thirty or forty, a lot of us bought a twenty or thirty year term life insurance policy. That seemed like plenty of time to save money, get our kids educated, and pay off our mortgage. We figured that by the time we were fifty or sixty, we would have everything in order, and we would not need coverage any more.
But these days, many of us found that the theory did not prove out for us. Our kids did not manage to become totally self supporting as fast as we thought they would. Sometimes those kids come home with our own kids, and they still need our help. And we did plan to pay off that mortgage. But many of us got delayed because we moved or needed to take out a second loan. Years passed, but we did not outgrow our need for a life insurance policy.
So, why don’t we have life insurance? Well, that term policy only lasted for 20 or 30 years. Thankfully, we outlived it. Or we had group coverage at work, but we are not at that job any more. We are older now, but we do not have any coverage.
What life insurance should older people look for? Before you buy anything, you should think about why you want to buy a policy. Do you just want coverage to make sure your kids or spouse have money? Or do you want to build an asset that may help you in the future? Finaly, you may want to use your policy to help transfer wealth to your family?
If you just want insurance, consider term. Premiums are cheaper anyway, and that will be important because an older person is likely to cost more to cover than a younger person. Even if you are middle aged, or in retirement age, you may still be able to find an affordable term policy.
Some term policies can be converted to permanent policies later. This allows you to get the cheaper one now, and then decide if you need lifetime coverage later. Since you are not sure what you will need in ten or twenty years, this may be a good option. These policies should not require you to prove you are healthy either.
Even though it costs more, whole life has some benefits. The price will be lower at sixty than it will be at seventy, so you can lock that in now. You will also have the opportunity to build an asset for yourself, or for your estate. You should explore the benefits of permanent coverage before you decide against it.
How much will this cost you. Premiums will vary by many factors. These include the size of the death benefit, the type of insurance, your age, and your general health. An experienced insurance agent should be able to help you explore your options. Just be careful if they seem too concentrated on one type of policy.
Learn more about Term Life for Older people.
Tags: baby boomers, elder care, Estate planning, finance, Financial Planning, insurance, life insurance, over 50, senior life insurance, seniors, term life insurance, whole life insurance
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Sunday, February 28th, 2010
Lots of us are looking at our retirement planning, and we just wish we could be sure that we could leave more money to our kids or grand kids. We may have a lump sum of cash we could set aside, but wonder how it could grow so we can leave a nice cash estate behind us. A product called Single Premium Life Insurace may be a good option to consider.
Single premium whole life insurance is not much different than the regular policies you are used to. But instead of making multiple payments every month, quarterly, or annually, you simply fund it with one large upfront payment.
This sound simple, but it does make this product a little different than other types of coverage you may have purchased before. It is whole life insurance and that one payment can guarantee lifetime coverage. In addition, the amount of the face value you can buy will usually be much larger than the actual cash you put into it. So this may be a great option if you want to turn a smaller lump sum of money into a much larger inheritance.
Let us say that a retired school teacher is comfortable with her pension and savings. In this example, she just inherited $22,000 from an uncle, and is certain that she will not need to use this money to enjoy her life. She may be able to take this amount of money and buy a $100,000 SPLI policy so she can have a very nice estate to pass on to her son.
The paragraph above is only meant to illustrate how this works. The amount of cash you would have, and the death benefit you could buy, depend upon different things. As with any other life insurance, your premium and coverage amount will depend upon age, health, etc.
Who should consider single premium life (SPL)? It is something to consider if you have a lump sum of cash that you would like to leave to your heirs. Your children, grandchildren, or a favorite charity could be the beneficiaries.
Be aware that your insurer will probably charge you for early surrenders. So if you do have to cash out before the term of these fees, you could lose money. Policies are different, so make sure you know how this will work for you.
One possible future use of an SPLI is its ability have a cash value very quickly copared to regular life insurance. Once that happens, you can have a place to borrow from. You may also cash out the policy.
Many policies also have accelerated death benefit provisions. If the insured person is terminally ill, some of the death benefit can be used to provide care while that person is alive. Some also have nursing home provisions, so this can be a good way of planning for that possible need without another long term care insurance policy.
There could be some disadvantages to single premium life insurance. Remember that early cash outs can incur surrender fees. You lose some of the tax advantages of regular life policies too. And of course, you do need to have a lump sum of cash to fund it.
We can help you figure out if Single Premium Life Insurance will work for your family!
Tags: affordable life insurance, elder care, estates, finance, insurance, retirement, seniors, single premium whole life, wealth, whole life insurance
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Tuesday, January 12th, 2010
Why do people still shop for whole life insurance? These days, we seem to hear a lot more about term life. We know that premiums are lower, and that term policies are more like buying pure insurance. But many people still want whole life, despite higher premiums, so there must be some advantages to permanent life insurance.
The simple fact that whole life is permanent should make the first advantage obvious. The policy will cover our lives as long as it is paid for or paid up. That means we will not lose coverage when a policy expires no matter how much money we have spent in the past.
The rates will also stay level, and so will the policy death benefit. This means that we do not have to worry about rate increases or benefit reductions. This is not always true of term policies. Rates may not be guaranteed for the whole term, and the death benefit may decrease.
Most of the time, death benefits are tax free. You can also enjoy the security of knowing that you will leave money to your beneficiaries without also leaving an additional tax burden. This is why many people choose to use life insurance as a way to transfer estates.
Of course, the final advantage of permanent policies over temporary policies is the fact that they actually help us grow our assets. This can be a great reason to consider whole life over temporary policies. While we pay for coverage, we also grow a cash account.
If you have built up a policy cash account, this money can actually be used while you are alive. You can get the money back if you surrender your policy. You can also borrow against this value while still keeping your policy in force. Some policies will let you use your cash value to make payments for awhile.
Another use for permanent life insurance has become popular lately. This is called a life settlement, and it means that investors purchase the policies for cash. The cash settlement will usually be less than the death benefit, but much more than the cash surrender value. This allows older people to sell unwanted life insurance for money they can use to help them enjoy their lives.
So even though you may hear a lot more about term life, you should understand the advantages and disadvantages of the different types before you make a decision.
Are you shopping for life insurance?? Visit us : Whole Life Isurance Explained. You should take the time to read about types of life insurance before you buy.
Tags: families, finance, life insurance, senior life insurance, seniors, term life insurance, whole life insurance
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Sunday, November 15th, 2009
It is a reality that everyone wants to depart this world without leaving much burden to families that would be left behind. This is the main rationale why getting hold of life insurance has become the most preferable choice for everyone who cares about his/her family. But what if you are not as young as you used to be when you have finally decided that you need to obtain another life insurance? You are the reason why life insurance for over 50s has been introduced to the insurance market. You and your need to have something left for your family on the time of your passing away is an important thing to accomplish.
The time of bereavement is one of the most troubled times for the family that you have left behind. The thought that nothing would add up to their thoughts such as payment for funeral and other burial expenses is something that would make you leave this world peacefully; knowing that there is something that they can use for paying these expenses.
If you are one of those who in their senior years and are afraid of facing death unprepared, obtaining life insurance for over 50s is one of the best options that you can benefit from.
The benefits that come with considering senior life insurance is not a question of doubt anymore especially if you are thinking of choosing one from a very reputable insurance company. But there is also an area that you should delve into because of the reality that this type of life insurance is definitely a lot more expensive than other types of life insurance. This is because the insurance companies consider you to be a higher risk with regards to their investment. For sure you are perfectly aware why; if not then the answer is simply because you belong to the older age group.
Upon knowing this, you are then likely to find out that there is no more use to searching for cheaper options when it comes to searching for life insurance for over 50s. The idea is to look for the most appropriate deal in town favourable for your situation and your health condition.
Try to shop around and search for the most reasonable deals in town; however, you should never hope that you would come across with dirt cheap types of insurance. There is certainly no way that you would encounter one without there being large loopholes in your plan, which in that case it would be better that you have no insurance in the first place.
If you are looking to find the best information on over 50s life insurance, then visit www.lifeinsuranceover50s.com to find the best advice on Elderly Life Insurance for you.
Tags: affordable life insurance, elderly, health insurance, insurance, life insurance, senior health, seniors
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Tuesday, September 15th, 2009
Lots of people think about buying life insurance when they are younger, and especially when they are younger parents.
Many financial and insurance professionals will advise their clients to buy term. They tell young families that they only need coverage for a few decades, and after that the house will be paid off, the younger kids will have grown up, and the house will be paid for.
For younger people, in their 20s, 30s and 40s, a policy should be fairly cheap too. And since they are young, they are more likely to be accepted at the better rating bracket which means that they will get the cheapest premiums. So it should be affordable to buy coverage which can protect their familys security in case they pass away.
The plan that we thought we would stick to just does not always work out for us over the course of a few decades. Instead of saving like we wanted to, a job loss or family illness may have used up a lot of our cash fund. Those children do not always become medical doctors on schedule, and they may be back living with their parents. And houses should get paid off in 20 or 30 years, but sometimes people need a second mortgage. Life insurance is just not something that can be ignored.
There is some good news though. Because statistics show that Americans are living longer and healthier lives, top life insurers are dropping rates. They are also marketing products aimed at providing affordable coverage for older people.
People in their 50s, 60s, and even 70s may be able to find affordable term policies to cover their families for another couple of decades. And we have seen small whole life insurance policies that will extend coverage to people up to age 85.
There are many reasons why older people may choose to buy coverage. They range from covering a funeral to ensuring their estate is transferred to their heirs. Some grown children of seniors choose to purchase a policy on their parents in order to settle debts when the older generation passes on. Most of the time the older parent is actually relieved by this action, and they are not offended at all. It is good to know that older people can still find a policy.
We can help you find Life Insurance For Older People. Everybody has a different situation, and companies have different plans and rates, so it can save you time and money to compare insurance quotes with our fast, safe, and free quote forms.
Tags: affordable life insurance, baby boomers, finance, insurance, life insurance, middle age, over 50, seniors
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Tuesday, September 8th, 2009
If you’ve never heard of a life insurance settlement, you are not alone. What you should know is that if you are 65 or older, you can sell a life insurance policy. There are companies that will pay more than the cash value of your policy ” sometimes even a term life insurance policy (which has no actual cash value).
This sale of a life insurance policy is called a life insurance settlement. This option has been available since 1995. The buyers are usually pension and institutional funds that make the purchase through an insurance settlement company.
Here are three common reasons why a person would enter into a life insurance settlement
1. You no longer need the same policy.
The majority of all life insurance (78%) is purchased to insure the life of the main income earner to provide income to support the family, educate the children and pay off the mortgage.
However, later in life these needs may have disappeared. A life insurance settlement can turn a policy that is no longer needed into more cash than simply cashing it in.
2. The policy has a large loan.
You have borrowed the maximum amount against the policy at some point in time but not repaid the loan.
Every year you receive a bill for the interest due. If you are like many people, this goes in the round file and you never pay the interest. What happens is each year the interest is added to the loan.
Now the amount of the loan and all of the interest you deferred is greater than the cash value of the insurance policy. The insurance company informs you that unless you pay some amount of money (possibly greater than the value of your car) the policy will lapse. To make matters worse, there has been a gain the insurance company is legally required to report to the IRS. And, since there is no money left in the insurance policy, you have to pay the tax to the IRS from other funds.
A life insurance settlement can resolve everything. Once you sell the policy, the loan becomes the buyer’s problem. They will then pay off the loan and keep the policy in effect.
The problem is that you can’t always count on this solution to the problem. Sometimes there isn’t a settlement company willing to pay for a policy with such a large loan against it. Sometimes the amount offered to buy the policy isnt enough to meet your needs.
3. The premium for your Universal Life policy has been affected by interest rates.
The premium you pay for a universal life policy was determined in part on the assumed interest rate when you bought the policy. If interest rates decline (as they frequently do) your original premium amount might not be enough to keep the policy current.
One day you go to your mailbox and open your premium notice and the insurance company says that in order to keep the policy in force, you have to come up with more than you paid for your last car.
You can handle this problem with a life insurance settlement.
Consider, if you will, a couple of actual examples:
A woman bought a universal life policy for a million dollars bought many years ago. She is now age 82. For a number of years, the premium she has been paying has not been sufficient to pay the required premium so the difference has been taken from the cash value, which is now down to $17,800. Unless the woman is willing to pay substantially higher premiums, the policy will lapse in a year or two.
Her estate plan includes keeping some kind of insurance policy in effect, but at a much lower amount. She decides to solve this problem by accepting a life insurance settlement of $192,000. She then turns around and uses it to buy a paid-up life insurance policy and covers it with a single-premium payment.
A mans wife died several years ago. As a result he no longer needs the $300,000 policy he has carried on his own life. He could cash it in for its cash value of $518. After investigating a life insurance settlement, he discovered he could sell his policy for $53,000. He sold it, paid off all of his bills, bought a new car, and took a fabulous vacation.
Finally, let’s look at a 65-year-old man who has a 10 year term policy that he bought when he was 55. In a couple months, it will expire. Even though term insurance has no cash value, he was able to sell it for $8,400.
This final example is a reminder that even though a term life policy has not cash value it can still be sold in a life insurance settlement.
So if you are age 65 or older and have a life insurance policy that has outlived its purpose or has one of the problems I have described, you may want to look at a life insurance settlement.
Robert D. Cavanaugh, CLU is a 39-year veteran of the life insurance, financial and estate planning industry. He publishes The Smart Giver, a planned giving educational program which advances strategies to increase income and reduce taxes while simultaneously helping churches and non-profits. Additional information about how a life insurance settlement can apply to fundraising can be found on his blog.
Tags: affordable life insurance, Financial Planning, life insurance, life insurance settlement, life settlement, life settlements, senior life settlement, seniors, term life insurance, universal life, viatical life settlement, viatical settlements
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